The Mount option displays all direct paths from the current entity to a top-level entity. A five- or six-digit North American Industry Classification System (NAICS) code value that best describes an entity`s core activity. A complete description of all NAICS codes can be found on the U.S. Census Bureau website. If the entity is inactive, this position must contain 0 (zero) or «N/A», except in the case of periphery companies and conventioned companies. Morgan Stanley returns to J.P. Morgan & Co. Under the Glass-Steagall Act, it was no longer possible for a company to carry on investment and commercial banking activities under the control of a single holding company. [11] [12] J.P. Morgan & Co. chose commercial banking over investment banking. As a result, some of the employees of J.P. Morgan & Co., including Henry S.
Morgan and Harold Stanley, left J.P. Morgan & Co. and joined other Drexel partners to found Morgan Stanley. [12] The company officially opened on September 16, 1935, at 2 Wall Street, New York, just down J.P. Morgan Street. [13] The company was the principal insurer involved in the distribution of $100 million in debt securities for the United States Steel Corporation in 1938. [14] The company also received the distinction of being the leading union in financing U.S. railroads in 1939. [ref.
needed] The company underwent a reorganization in 1941 to allow more activity in its securities business. [ref. needed] Morgan Stanley CEO Du Jun has been convicted of insider trading after a criminal trial in Hong Kong. M. Du was accused of buying 26.7 million shares of Citic Resource Holdings while in possession of confidential company information. He obtained this information as part of a Morgan Stanley team working with the company on a bond issue and the purchase of an oil field in Kazakhstan. Morgan Stanley`s compliance department has been criticized for failing to acknowledge Du`s illegal transactions. [95] On January 13, 2009, Global Wealth Management Group merged with Citi`s Smith Barney to form Morgan Stanley Smith Barney.
Morgan Stanley owned 51% of the company and Citi 49%. [65] On May 31, 2012, Morgan Stanley exercised its option to acquire an additional 14% of Citi`s joint venture. [66] In June 2013, Morgan Stanley stated that it had received all regulatory approvals to purchase Citigroup`s remaining 35% interest in Smith Barney and would close the transaction. [67] Unauthorized attempts to upload and/or modify information on any portion of this website are strictly prohibited and will be prosecuted under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see 18 U.S.C. §§ 1001 and 1030). The Top-Level Down option displays all the paths of the single top-level entity, including the path to the current entity. Hierarchical direction refers to the direction in which the hierarchical structure is constructed from an entity starting point. By default, the organization hierarchy is a child of the current entity that appears in the profile or displays the children of the current entity. While a company may have multiple parent companies and ownership paths, a single company is declared a single, leading institution. Morgan Stanley (MS) is a financial services provider. The Company, through its subsidiaries, provides institutional, asset management and investment management services. Institutional securities management and wealth management solutions include lending, investment banking, sales and trading, brokerage and investment advice, wealth and financial planning, banking and retirement provision, and insurance.
The investment management portfolio offering includes private market investment solutions covering asset classes such as private credit, private equity, infrastructure and private real estate markets. The firm targets high net worth individuals, SMEs, corporations, financial institutions and government organizations through offices and online portals in the Americas, Europe, the Middle East, Africa and Asia Pacific. MS is headquartered in New York, USA. In July 2004, the company fined NASD $2.2 million for more than 1,800 late disclosures of reportable information about its brokers. [78] MUFG Bank, Japan`s largest bank, invested $9 billion in the direct purchase of a 21% stake in Morgan Stanley on September 29, 2008. [47] MUFG`s payment should be transferred electronically; However, because it needed to be done urgently on Columbus Day, when U.S. banks closed, MUFG cut a physical check for $9 billion, the largest amount written by physical check at the time. [48] [49] Physical control was accepted by Robert A.
Kindler, Global Head of Mergers and Acquisitions and Vice Chairman of Morgan Stanley, in the Wachtell Lipton office. [50] Concerns about the completion of the Mitsubishi transaction during stock market volatility in October 2008 led to a dramatic drop in Morgan Stanley`s share price to levels last recorded in 1994. It recovered after Mitsubishi UFJ`s 21% stake in Morgan Stanley closed on October 14, 2008. [51] [52] [53] [54] In December 2016, another Morgan Stanley unit paid $7.5 million to resolve breaches of client protection rules. [115] Morgan Stanley paid a $1.5 million fine to settle the SEC`s allegations that it had placed clients` money in more expensive mutual fund stock classes when cheaper options were available, even though clients were told that it was using tools to find the most cost-effective option. [129] The bank`s Process Driven Trading unit was one of many Wall Street units that experienced short pressure and reportedly lost nearly $300 million in one day. The subsequent bursting of the bubble was seen as a central element of the 2007/2010 financial crisis. [40] In November 2019, Morgan Stanley fired four traders suspected of mislabeling securities. [125] The firm suspected that losses of $100 million to $140 million had been concealed by mislabelling the value of the securities. [125] [126] In December 2015, it was reported that Morgan Stanley would eliminate approximately 25% of its fixed-income jobs by the end of the month. [58] As of January 2016, the company reported that it has offices in more than 43 countries. [59] By putting clients first, leading with extraordinary ideas, doing the right thing and giving back, Morgan Stanley wants to deliver results today while setting strategic goals for the future.